Barclays Center owner, and majority owner of the Brooklyn Nets, Mikhail Prokhorov, has entered into an agreement to sell full ownership of the arena and his 51% controlling interest in the Brooklyn-based NBA team to billionaire Alibaba cofounder Joseph Tsai. Tsai paid $1 billion for 49% of the Nets back in 2018 and once he acquires Prokhorov’s shares, Tsai will become the sole investor in the team.

“It has been an honor and a joy to open Barclays Center, bring the Nets to Brooklyn, and watch them grow strong roots in the community while cultivating global appeal,” Prokhorov said in a recent press release. “The team is in a better place today than ever before and I know that Joe will build on that success, while continuing to deliver the guest experience at Barclays Center that our fans, employees, and colleagues in the industry enjoy.”

The arena and team transactions is expected to close by the end of September, after the approval of the NBA Board of Governors. The combined cost of the team and arena rights is expected to set a record for approximately $3.3 billion, according to FORBES.  The previous NBA record was set in 2017 by Tilman Fertitta who paid $2.2 billion for the Houston Rockets.

Upon closing, Tsai will then assume the role of Chairman of the Board of Directors for Barclays Center, and NBA Governor of the Nets and its affiliates. The current management team will continue to run the venue and team under new ownership. Tsai, who is worth $10 billion, according to FORBES, also owns the WNBA’s New York Liberty, and currently sits on the board of NBA China.

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Brett Yormark, CEO of BSE Global, will oversee the transition to new ownership before departing for a new role. Yormark  is scheduled to announce his next career move in the coming weeks.

“When I was hired nearly 15 years ago, my goal was to realize the vision for Barclays Center, move the Nets to Brooklyn, and build a world-class sports and entertainment company,” said Yormark.

The Nets continue to rebuild after adding NBA All-Stars Kyrie Irving and Kevin Durant as free agents last month on a pair of four-year deals totaling a whopping $305 million. It’s a new day for both the basketball team and the Brooklyn arena.